Home sales in Massachusetts plunged more than 25 percent over-the-year in April, as would-be buyers dealt with elevated mortgage interest rates and another, older problem: a shortage of available homes to buy.
The Warren Group also reported Tuesday that the statewide median single-family home sale price in April declined on an annual basis for the first time in five years, dropping 1.2 percent to $553,500. In the Greater Boston market, the median home sale price fell nearly 5 percent to $690,000.
The sales slump is not just a one-month event. Over the first four months of the year, single-family home sales in Massachusetts are down nearly 26 percent compared to the first four months of 2022. The year-to-date median single family home price increased 2.9 percent to $525,000.
Condominium sales were also down substantially in April and are down nearly 27 percent year-to-date. There were 1,500 condo sales in April 2023, according to the Warren Group, compared to 2,149 in April 2022.